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Monday, March 9, 2015

Snapchat CEO Evan Spiegel and chief strategy officer Imran Khan traveled to Saudi Arabia over the weekend to hold talks with Prince Alwaleed bin Talal about a potential new partnership.

An official release from the Prince’s team states: “HRH and Mr. Spiegel discussed political, business and economic issues. The two also discussed Prince Alwaleed’s investments in the US… Also, on the agenda of discussions was future potential business cooperation between KHC and Snapchat.”

Prince Alwaleed is the majority owner of Kingdom Holding Company, which has a number of investments in technology companies like Twitter and Chinese e-commerce company JD.com, Inc.

This meeting is notable as Snapchat is currently embarking on a funding round that could see the company being valued at $19 billion. With the Saudi Prince being the largest individual foreign investor in the US, it will be interesting to see what comes out of this rendezvous.